dear sir,
i have two brothers one in USA and other in Dubai.my query is they transfer the amount to my SB account and due to that my SB transactions are crossed 1000000. is there any problem to me regarding such amount as the banker will file details to IT abt the SB account, and i used the entire amount for house construction on my mother's name and for household expenses as direction made by them. is i should file return to IT or not required

Dear Friends & Experts,

My querry is as under:

A company has taken Group Gratuity policy of LICI for payment of gratuity to its employees. Annual contribution is paid to LICI based on Calculation done by LICI which includes Contribution to Gratuity Fund and annual premium for life cover of the employee to pay gratuity in the unfortunate event of death. In case of death gratuity is paid out of the Gratuity fund managed by LICI based on last salary drawn for actual years of service put-in and life-cover amount is by LICI for the remaining period of service considering the retirement age of 60 years. Amount of Gratuity and/or lifecover is restricted to a maximum of 20 months pay but not restricted to the limit of Rs3.50 Lakh and Income Tax is deducted on the amount in excess of Rs.3.50 Lakh.
My questions are -
(i) Whether the full amount of Gratuity (Gratuity out of Fund + Lifecover amount paid by LICI) received by the nominee of the deceased employee taxable as income of the deceased employee in the relevant AY or it will be taxable in the hands of the nominee?
(ii) Since part of the Gratuity Viz., the life cover amount, paid by LICI out of the group insurance policy for which annual premium has been charged by LICI, whether the same will be exempt u/s10(10D)in the hands of the deceased employee or his nominee ?

Shall be grateful for resolving my problem. Reply can also be mailed to me at aditya_asm@yahoo.co.in

Thanks & regards,
Aditya

if m giving coaching classes at home and have a turnover of Rs. 1.5 L, M i eligible to charge service tax...???

What is the basic minimum limit of turnover for service tax...???

Friends,
i am a student of ca final,i want to doing a corrospondence cource of PGDBM from symbiosis puna.
shuld i take permmison from institute under form 112.
is this compulsury.
plz give me a suggesion, and ask your quary too.

sir i want to do my icwai and my m.com through correspomdence mode .now im doing my ca pe2 and awaiting for my results.is there any possibility for doing icwai and m.com both at a time along with ca article ship . doing in such a pattern would lead to violation of institute norms ...could you please help me in this regard to do my m.com and icwai simultaneously

I am a pcc student. My exam is due on may 2009. I have 9 months remaining from the current date. Plz guide me on how to utilize this remaining time to get passes in pcc. i have not studied much till date. plz guide me on how to study so that i can able to complete the pcc syllabus for minimum 2-3 times before one month of may 2009. I am ready to study hard for 7-8 hours a day. suggest me reference books for pcc and the way to study. which subject i should start first. which subject is more time consuming. one practical subject and one theory subject or two theory subjects in a day. how much time to give for a practical subject and how much to a theory subject in a day. I thank u to the deepest of my heart to guide me.. Thanks a lot

HELLO FRIENDS

I HAVE FEW DOUBTS ON CERTAIN ISSUES.

CASE STUDY : X IS A SALARIED EMPLOYEE . HIS ITR 1 IS FILED. NOW IN P/Y 07-08 HE SOLD HIS RURAL AGRICULTURAL LAND ACQUIRED THROUGH GIFT FROM FATHER , GRANDFATHER AND SO ON..... TO GOVERNMENT FOR 1 CRORE .

NOW THE QUES IS WILL IT BE TAXABLE. AND SECONDLY WHICH ITR WILL BE SUITABLE .

AND IF IT IS NOT TAXABLE BECAUSE OF THE NATURE RURAL AGRICULTURAL LAND , THAN IN THAT CASE WHERE IT WILL BE SHOWN IN ITR AND AS WHAT ?????

IF ITS NOT SHOWN THAN IN FUTURE QUES CAN ARISE FROM WHERE DID HE GET 1 CRORE IN HIS BANK ACCOUNT .

HELLO FRIENDS

I HAVE FEW DOUBTS ON CERTAIN ISSUES.

CASE STUDY : X IS A SALARIED EMPLOYEE . HIS ITR 1 IS FILED. NOW IN P/Y 07-08 HE SOLD HIS RURAL AGRICULTURAL LAND ACQUIRED THROUGH GIFT FROM FATHER , GRANDFATHER AND SO ON..... TO GOVERNMENT FOR 1 CRORE .

NOW THE QUES IS WILL IT BE TAXABLE. AND SECONDLY WHICH ITR WILL BE SUITABLE .

AND IF IT IS NOT TAXABLE BECAUSE OF THE NATURE RURAL AGRICULTURAL LAND , THAN IN THAT CASE WHERE IT WILL BE SHOWN IN ITR AND AS WHAT ?????

IF ITS NOT SHOWN THAN IN FUTURE QUES CAN ARISE FROM WHERE DID HE GET 1 CRORE IN HIS BANK ACCOUNT .

Plse tell me whether Sec 80GG can be claimed for part of Financial year for Rent paid but no HRA reced (for my present job) .
However, in my earlier job, I got HRA & deduction availed u/s !0(13A) rent paid.
If so then , how to calculate

Whether a Guest House (which is the company's property) leased out to a third party be considered as an asset under the Wealth Tax Act? The definition of asset u/s 2(ea) of the act excludes "a residential property leased out for more than 300 days during the year" from the definition of asset. Whether a Guest House should be considered a residential property and be excluded if it is let out for more than 300 days or should it be considered a commercial property and be included as an asset?